ABSTRACT
The recently compiled South African Code for Reporting of Mineral Resources and Mineral Reserves (The SAMREC Code) (Code) is presented in its local and global context. The main aspects of the Code are listed and elaborated upon. The Code has been written with the participation of the major South African stakeholders in the field including government institutions, the association of law societies and the mining industry. Relevant foreign organizations, such as the AusIMM Joint Ore Reserve Committee (JORC) and the United Nations, contributed to its compilation, and supported it. The code thus enjoys endorsement both locally and, to a large extent, overseas.
The paper elaborates on its disclosure requirements particularly with regard to the evaluation methods utilized in arriving at the estimates of resources and reserves. It also comments on the new listing rules of the Johannesburg Stock Exchange (JSE) which has officially adopted the SAMREC Code, and on the basic requirements for, and responsibilities of, competent persons signing off resource and reserve reports.
